MPI Sells 41,400 sf Retail Center Leased to Dollar General

Millennium Properties R/E, serving as the exclusive sales advisor to the asset manager, recently completed the sale of a 41,400 square foot retail center partially leased to Dollar General.

The retail center, located at 1401 S. Fourth St. in DeKalb, has 5.63 acres of land providing the new owners the opportunity to develop a 25,000 square foot outlot building. Dollar General has been a long-term tenant in the property with more than six years remaining on their current lease and several renewal options. The property is located along the South Fourth Street Corridor, the primary commercial corridor in the south end of DeKalb, which consists of restaurants, numerous retail establishments, banks, auto-repairs and numerous other service-related businesses.

“This center offers the new owners the opportunity to add a substantial amount of value,” said Daniel Hyman, president at Millennium Properties. “Not only can they develop an outlot building, there is the potential to increase the cash flow of the property by leasing the vacant unit.”

“DeKalb is a great location for investors who are looking for properties in growing communities with great demographic trends,” said Brad Thompson, vice president at Millennium Properties.

A leading real estate brokerage and asset management firm, Millennium Properties R/E, Inc. was founded in 1996 by Daniel J. Hyman and has completed more than $4.3 billion in sales. Millennium Properties presently manages approximately 2.5 million square feet of space throughout the Chicagoland area, including industrial, office, retail and multi-family properties. The firm also provides a number of other real estate related services, including industrial, office, retail and multi-family properties. The firm also provides a number of other real estate related services, including receiverships, live and sealed-bid auctions, consulting and construction management.